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ITAT quashes Rs.6.99 Crore Presumptive Addition on Share Transfer due to lack of evidence [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) quashed the addition of Rs. 6.99 crore presumptive addition on share transfer due...

Applicability of S.68 to CSR Funds: ITAT Rules Addition Unjustified as Identity and Genuineness...

Con Banega Crorepati?! Incarcerated Sukesh Chandrashekhar writes to FM offering to pay Income Tax of...

Addition of ₹20.44 Lakh as Unexplained Cash Deposits During Demonetization: ITAT Directs Fresh...

AO cannot question Creditor's Creditworthiness When Books Clearly Reflect Source, Identity, and...

Unexplained Investment in Shares not part of Reopening Reasons recorded by AO: ITAT deletes Additions towards Accommodation Entry [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad, recently delivered a judgment favoring Amey Pravinbhai Brahmbhatt in a case concerning unexplained investments not forming part of the reasons...

ITAT Deletes Disallowance of Cash Payments u/s 40A(3), Upholds Claims of Rule 6DD Exemptions on Property Transactions [Read Order]

In a recent ruling, the Jaipur bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition of ₹8.36 lakh made by the AO under Section 40A(3) of the Income Tax Act. The appeal was against...

Income Tax Annual Digest 2024: ITAT Cases [Part 29]

This annual round-up analytically summarizes all the Income Tax related Orders of the Income Tax Appellate Tribunal (ITAT) Benches of India reported at Taxscan.in during 2024. ITAT orders...

Income Tax Annual Digest 2024: ITAT Cases [Part 28]

This annual round-up analytically summarizes all the Income Tax related Orders of the Income Tax Appellate Tribunal (ITAT) Benches of India reported at Taxscan.in during 2024. ITAT upholds Tax...

Non-Furnishing of Approval u/s 151 to Assessee: Bombay HC quashes Income Tax Reassessment [Read Order]

The Bombay High Court recently halted Income Tax Reassessment Proceedings against a petitioner, observing that no copy of approval under Section 151 of the Income Tax Act, 1961 for reopening...

Overview of Cash Transaction Provisions Under the Income Tax Act: Allowed vs. Disallowed

Cash transactions are common in everyday life, but under the Income Tax Act ,there are rules to control large cash dealings. These rules help reduce tax evasion and encourage more transparent...

CIT(A) Confirms Addition on unexplained Share Investments due to Lack of Evidence: ITAT Directs Taxpayer to Furnish Proof, Remands Matter [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) remanded the matter concerning the addition of unexplained investments in shares, directing the taxpayer to provide relevant proof to...

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